| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-004 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 关于"质量回报双提升"行动方案的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或重大遗漏承担责任。 科华数据股份有限公司（以下简称"公司"）为贯彻落实中央政治局会议提 出的"要活跃资本市场、提振投资者信心"及国务院常务会议指出的"要大力提 升上市公司质量和投资价值，要采取更加有力有效措施，着力稳市场、稳信心" 的指导思想，结合中国证监会关于市值管理的相关意见，为维护公司及全体股东 利益，持续提升公司管理治理水平，促进公司长远健康可持续发展，公司制定了 "质量回报双提升"行动方案。 一、聚焦主业，稳步推进公司高质量发展 公司以"以智慧电能驱动低碳数字未来"为使命，以推动全社会安全、高效、 绿色用能为己任，驱动行业数字化、能源低碳化发展，致力成为全球卓越的智慧 电能解决方案提供商。公司充分把握国家"数字经济""碳中和"等战略发展契 机和全球"人工智能""能源危 ...

广发证券股份有限公司 （加盖公章） 关于科华数据股份有限公司 | 间接占用上市公司资金或者其他资源的情形 | | | | --- | --- | --- | | 3.关联交易的审议程序是否合规且履行了相应的信息披露义 | √ | | | 务 | | | | 4.关联交易价格是否公允 | √ | | | 5.是否不存在关联交易非关联化的情形 | √ | | | 6.对外担保审议程序是否合规且履行了相应的信息披露义务 | | √ | | 7.被担保方是否不存在财务状况恶化、到期不清偿被担保债 | | √ | | 务等情形 | | | | 8.被担保债务到期后如继续提供担保，是否重新履行了相应 | | √ | | 的审批程序和披露义务 | | | | （五）募集资金使用 | | | | 现场检查手段： | | | | 查阅公司募集资金验资、使用情况的相关资料； 调查发行人募集资金是否真实投入股东大会决议的项目，核查募集资金投资项目所 | | | | 形成的资产情况及募集资金剩余情况； | | | | 查阅募集资金项目的核算资料，比较募集资金实际效益和预期的使用效益是否存在 | | | | 差异并分析差异原因。 | ...

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-003 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 关于"科数转债"预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或重大遗漏承担责任。 特别提示： 一、可转换公司债券发行上市情况 （一）发行上市情况 经中国证券监督管理委员会"证监许可[2023]1681号"文同意注册，公司于 2023年8月23日向不特定对象发行14,920,680张可转换公司债券，发行价格为每张 100元，发行总额为人民币149,206.80万元。经深交所同意，公司149,206.80万元 可转换公司债券于2023年9月12日起在深交所挂牌交易，债券简称"科数转债"， 债券代码"127091"。 （二）转股价格的历次调整情况 1、证券代码：002335 证券简称：科华数据 2、债券代码：127091 债券简称：科数转债 3、转股价格：人民币 27.65 元/股（自 2024 年 10 月 30 日起生效 ...

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2025-002 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 关于 2024 年第四季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或重大遗漏承担责任。 特别提示： 1、证券代码：002335，证券简称：科华数据 2、债券代码：127091，债券简称：科数转债 一、可转换公司债券发行上市基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于同意科华数据股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1681 号）同意注册， 公司于 2023 年 8 月 23 日向不特定对象发行可转换公司债券 14,920,680 张，每张 面值人民币 100 元，募集资金总额人民币 149,206.80 万元，期限 6 年。 （二）可转换公司债券上市情况 经深圳证券交易所同意，公司 149,206.80万元可转换公司债券于 2023年 9月 12 日起在深圳证券 ...

| 证券代码：002335 | 证券简称：科华数据 | 公告编号：2024-088 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 关于"科数转债"预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或重大遗漏承担责任。 特别提示： 1、证券代码：002335 证券简称：科华数据 3、转股价格：人民币 27.65 元/股（自 2024 年 10 月 30 日起生效） 4、转股时间：2024 年 2 月 29 日至 2029 年 8 月 22 日（如遇法定节假日 或休息日延至其后的第 1 个交易日；顺延期间付息款项不另计息） 5、本次触发转股价格修正条件的期间从 2024 年 11 月 18 日起算，截至 2024 年 12 月 9 日，科华数据股份有限公司（以下简称"公司"）股票已有十 个交易日收盘价低于"科数转债"当期转股价的 85%，可能触发"科数转债" 转股价格的向下修正条款。若未来触发"科数转债"转股价格的向下修正条款， 即公司股票在任意连续三十个 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company's revenue for the first three quarters of 2023 was 5.393 billion yuan, a year-on-year decrease of 1.97%, with a net profit attributable to the parent company of 238 million yuan, down 46.53% year-on-year. The decline in net profit is primarily attributed to impairment losses [4] - The company has seen an increase in capital expenditures from major internet and telecom operators in Q3, which has positively impacted market prices and overall service profits. The revenue share from data center services has increased [4] - The company is facing challenges in the domestic market due to price wars in the energy storage sector but is actively expanding overseas, particularly in the US and Europe, while also targeting emerging markets [5] - The company forecasts net profits for 2024-2026 to be 445 million, 600 million, and 733 million yuan respectively, with corresponding EPS of 0.96, 1.30, and 1.59 yuan. The estimated valuation range for 2024 is between 33.72 and 38.53 yuan based on a PE ratio of 35-40 times [5] Financial Summary - For the first three quarters of 2023, the company reported a revenue of 5.393 billion yuan, with a net profit of 238 million yuan. In Q3 alone, revenue was 1.663 billion yuan, down 21.02% year-on-year and 34.7% quarter-on-quarter, with a net profit of 12 million yuan, down 89.92% year-on-year and 91.82% quarter-on-quarter [4] - The company’s revenue is projected to grow from 8.141 billion yuan in 2023 to 12.538 billion yuan in 2026, with a compound annual growth rate of 21.2% [12] - The gross profit margin is expected to decline from 27.3% in 2023 to 22.6% in 2026, reflecting increased competition and cost pressures [12] Product Segment Analysis - The renewable energy segment is expected to see revenue growth of 0%, 35%, and 30% from 2024 to 2026, with a gross margin decreasing from 21.94% in 2023 to 16.5% in 2026 [8][10] - The IDC services segment is projected to grow by 5%, 10%, and 10% over the same period, with a gross margin of around 25% [8][10] - The data center products segment is also expected to grow by 5%, 10%, and 10%, maintaining a gross margin of approximately 36% [8][10]

关于债券持有人持有可转债比例变动达10%的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中的虚 假记载、误导性陈述或重大遗漏承担责任。 一、可转债发行上市概况 | 证券代码：002335 | 证券简称：科华数据 | 公告编号：2024-087 | | --- | --- | --- | | 债券代码：127091 | 债券简称：科数转债 | | 科华数据股份有限公司 （二）历次可转债变动情况 2024 年 10 月 10 日至 2024 年 11 月 1 日期间，公司控股股东科华伟业与实际控 制人陈成辉先生通过大宗交易方式转让其所持有的"科数转债"合计 1,510,000 张， 占公司可转债发行总量的 10.12%。具体内容详见公司于 2024 年 11 月 2 日在巨潮 资讯网（www.cninfo.com.cn）披露的《关于债券持有人持有可转债比例变动达 10% 的公告》（公告编号：2024-086）。 1 （三）本次可转债变动情况 公司于 2024 年 11 月 13 日收到控股股东科华伟业与实际控制人陈成辉先生的 通知，获悉 2024 年 11 月 4 日至 2024 年 11 ...

Investment Rating - The report maintains a "Buy" rating for Kehua Data (002335 SZ) [3] Core Views - Kehua Data's Q3 2024 revenue declined by 21 02% YoY to RMB 1 663 billion, with net profit attributable to shareholders dropping by 89 92% YoY to RMB 12 million [1][3] - For the first three quarters of 2024, revenue decreased by 1 97% YoY to RMB 5 393 billion, while net profit attributable to shareholders fell by 46 53% YoY to RMB 238 million [1][3] - The company's IDC and data center product revenue is expected to turn positive in Q3 2024, while new energy business revenue declined significantly due to price drops and domestic business contraction [4] - Kehua Data is increasing investment in R&D and overseas market expansion, which is expected to yield results in the future [4] Financial Performance - Q3 2024 gross margin was 27 21%, with data center and smart power businesses maintaining stable margins [4] - The expense ratio in Q3 2024 increased by 12 78 percentage points QoQ to 24 3%, driven by R&D, employee incentives, and overseas expansion costs [4] - Asset impairment losses of RMB 26 million and credit impairment losses of RMB 21 million were recorded in Q3 2024, partly recoverable [4] Future Outlook - Global data center construction is accelerating, with IDC rental prices stabilizing in Q3 2024 [5] - Industrial equipment replacement and AI-driven smart power demand are expected to drive growth in data-related businesses in 2025 [5] - The new energy business is making breakthroughs in overseas markets, potentially benefiting from high demand for large-scale energy storage [5] - The report forecasts net profit attributable to shareholders of RMB 450 million in 2024 and RMB 700 million in 2025, with corresponding P/E ratios of 27x and 18x [5] Company Fundamentals - Current stock price is RMB 26 87 as of November 7, 2024 [6] - Total share capital is 461 57 million shares, with 400 83 million A-shares in circulation [6] - Net asset per share is RMB 9 50 [6] - The stock's 12-month high/low prices are RMB 33 00 and RMB 16 66 respectively [6]

Investment Rating - The report maintains a "Recommend" rating for the company [2][5] Core Views - The company achieved revenue of 5.393 billion yuan in the first three quarters of 2024, a decrease of 1.97% YoY, with net profit attributable to the parent company of 238 million yuan, a decrease of 46.53% YoY [1] - In Q3 2024, the company's revenue was 1.663 billion yuan, a decrease of 21.02% YoY, with net profit attributable to the parent company of 12.4 million yuan, a decrease of 89.92% YoY [1] - The company's intelligent computing business has partnered with multiple enterprises, leveraging AI and liquid cooling technology to create new development opportunities [1] - The company operates over 20 data centers in more than 10 cities, with over 30,000 racks and a total data center area exceeding 250,000 square meters [1] - The company's micro-module data center products have gained high industry recognition, leading the market share in 2023 [1] - The company's new energy business is expanding overseas, with over 30 authorized service outlets in countries such as France, Poland, and the UAE, which is expected to further improve overall gross margins [2] Financial Forecasts - The company's revenue is expected to be 8.030 billion yuan in 2024, 9.235 billion yuan in 2025, and 11.082 billion yuan in 2026 [4] - Net profit attributable to the parent company is forecasted to be 356 million yuan in 2024, 482 million yuan in 2025, and 634 million yuan in 2026 [4] - EPS is projected to be 0.77 yuan in 2024, 1.04 yuan in 2025, and 1.37 yuan in 2026 [4] - The company's PE ratio is expected to be 35.53x in 2024, 26.27x in 2025, and 19.94x in 2026 [4] Business Development - The company focuses on three major directions: data centers, smart power, and new energy, aiming to drive industry digitization and low-carbon energy development [1] - The company's high-end power supply (UPS) maintained the top market share in China in 2023 [2] - The company's new generation of commercial and industrial integrated energy storage products has achieved breakthroughs in multiple overseas markets [2] - The company's data center business is expected to benefit from the global growth in AI and computing power demand, with a focus on efficient, energy-saving, and environmentally friendly solutions [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance was below expectations due to impairment losses affecting net profit attributable to the parent company, which was reported at 0.12 billion yuan, a year-on-year decrease of 89.9% [3][4] - Despite the challenges, the company is expected to continue benefiting from its "AI + New Energy" strategy and the steady release of downstream demand, which may support performance recovery [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 5.393 billion yuan, a year-on-year decrease of 2.0%, and a net profit attributable to the parent company of 0.238 billion yuan, down 46.5% year-on-year [3] - Q3 revenue was 1.66 billion yuan, representing a quarter-on-quarter decline of 34.7% and a year-on-year decline of 21.0% [3] - The gross margin for Q3 was 27.2%, with a net margin of 0.9% [3] - The company has adjusted its profit forecasts for 2024-2026 to 0.425 billion, 0.595 billion, and 0.725 billion yuan respectively, reflecting a downward revision from previous estimates [3][4] Market Position and Strategy - The company has secured a significant project in the renewable energy sector, which is expected to stabilize its revenue from new energy [4] - The company is actively expanding its overseas business, with successful deployments of photovoltaic and energy storage systems in various international markets, which may enhance overall gross margins [4][5] - Increased capital expenditures from major internet companies and operators in data centers are anticipated to improve the company's revenue outlook [5]